Fmr LLC Boosts Stake in NovoCure Limited (NASDAQ:NVCR)

FMR LLC increased its position in NovoCure Limited (NASDAQ:NVCR - Free Report) by 0.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,232,008 shares of the medical equipment provider's stock after buying an additional 90,422 shares during the quarter. FMR LLC owned 15.00% of NovoCure worth $253,706,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its position in shares of NovoCure by 7.6% in the third quarter. The Manufacturers Life Insurance Company now owns 202,027 shares of the medical equipment provider's stock valued at $3,158,000 after acquiring an additional 14,255 shares during the period. Alpha DNA Investment Management LLC raised its position in NovoCure by 22.6% during the 3rd quarter. Alpha DNA Investment Management LLC now owns 24,950 shares of the medical equipment provider's stock valued at $390,000 after purchasing an additional 4,597 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in NovoCure by 2.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 824,443 shares of the medical equipment provider's stock worth $12,886,000 after buying an additional 16,339 shares during the period. Intech Investment Management LLC purchased a new stake in NovoCure in the 3rd quarter worth approximately $346,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of NovoCure by 16.3% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 426,263 shares of the medical equipment provider's stock worth $6,662,000 after buying an additional 59,608 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors.

NovoCure Stock Up 54.7 %

NVCR traded up $10.97 during midday trading on Monday, reaching $31.01. The company's stock had a trading volume of 8,937,894 shares, compared to its average volume of 1,304,335. The stock's 50-day moving average is $16.65 and its 200-day moving average is $18.39. NovoCure Limited has a 1 year low of $11.66 and a 1 year high of $31.11. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of -19.91 and a beta of 0.71. The company has a current ratio of 1.49, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27.

NovoCure (NASDAQ:NVCR - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.34) by $0.06. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The business had revenue of $155.10 million during the quarter, compared to analysts' expectations of $143.95 million. During the same quarter in the previous year, the business earned ($0.46) earnings per share. The firm's quarterly revenue was up 21.8% compared to the same quarter last year. As a group, research analysts expect that NovoCure Limited will post -1.31 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. HC Wainwright reiterated a "buy" rating and issued a $38.00 price target (up previously from $30.00) on shares of NovoCure in a report on Monday. Evercore ISI raised shares of NovoCure from an "in-line" rating to an "outperform" rating and lifted their target price for the company from $18.00 to $30.00 in a research note on Monday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, NovoCure has a consensus rating of "Moderate Buy" and a consensus target price of $29.50.

NovoCure Company Profile

NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of tumor treating fields (TTFields) devices for the treatment of solid tumor cancers in the United States, Germany, Japan, Greater China, and internationally. The company's TTFields devices include Optune Gio and Optune Lua.